Tilt Renewables (ASX:TLT) seals deal with Newcrest for electricity, green product supply

Tilt Renewables Ltd (ASX:TLT, NZX:TLT) on Wednesday announced sealing an offtake agreement with Newcrest Mining Limited (ASX:NCM) for the supply of electricity and green products from the Rye Park Wind Farm (RPWF). The agreement has been finalised for a period of 15 years, the company said in its latest progress report.

Newcrest plans to use the agreement to support the long-life Cadia mine in New South Wales. In addition, the company will use it to assist it in achieving its target of corporate emissions intensity reduction. The deal for nearly 55 per cent of the RPWF output will provide the foundation for the construction of the wind farm. 

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The wind farm is expected to be nearly 400 MW in capacity. It will be situated near the Rye Park township in the state of New South Wales. With this agreement, Tilt Renewables will be able to complete the remaining development activities for the RPWF. The company will also be allowed to present the project to its board for final decision on investment. Tilt Renewables also said that the construction is likely to start within the coming 6 to 9 months.

Commenting on the development, Deion Campbell, Tilt Renewables CEO, said that the offtake agreement with Newcrest will boost the investment decision for the company's largest wind farm till date. It will allow the company to expand its footprint of high-quality renewable energy assets, Campbell also said.  The move is expected to assist the low carbon ambitions of corporate Australia, he said. In addition to the deep wind project portfolio, nearly 500MW of solar and 400MW of storage and firming options are being advanced by the company, Campbell noted. 

Meanwhile, ASX listed shares of Tilt Renewables Ltd (ASX:TLT) traded at A$4.910 on Wednesday 16 December 2020 at 10:59 AM AEDT, up 2.291% from the previous close.

On NZX, the stock (NZX:ALT) closed at NZ$5.30, up 0.19 points, or 3.72 per cent on Tuesday 15, December, 2020 from the previous close.

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